CryptoNewsBreaks — BIT Mining Ltd. (NYSE: BTCM) Releases Q3 2022 Unaudited Financial Report
Nov 17, 2022
BIT Mining (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, is reporting unaudited financial results for its third quarter, the period ended Sept. 30, 2022. The report notes that BIT Mining has four primary business segments — self-mining, mining pool, data center operation and mining machine manufacturing — and the company is pursuing a deliberate development strategy that focuses on global cryptocurrency mining operations. A few highlights of the report include a note that Bee Computing, BTCM’s subsidiary, has designed a new generation of highly efficient Bitcoin (“BTC”) and Dogecoin (“DOGE”)/Litecoin (“LTC”) mining machines based on the most advanced technology. During the quarter, the company also entered into a share sale and purchase agreement with an unaffiliated third party; details of the agreement indicate that BTCM will sell an estimated 51% (279,673,000 shares) of the total issued share capital of Loto Interactive Limited to the third-party company, reducing Bit Mining’s share ownership in Loto Interactive to 8.79%. The report also included Q3 2022 highlights for continuing operations along with notable financial numbers, including revenues, operating costs and expenses, net loss and gain and other key data. “As of September 30, 2022, the company had cash and cash equivalents of $12.5 million, restricted cash of $0.1 million and time deposits of $7.3 million, compared with cash and cash equivalents of $22.6 million and restricted cash of $0.1 million as of June 30, 2022,” the report stated. “As of September 30, 2022, the company had cryptocurrency assets of $17.4 million in aggregate, which are the equivalent of 219 BTC, 6,843 ETH, 48.5 million DOGE and various other cryptocurrency assets, including those generated from its mining pool and cryptocurrency mining businesses.”
To view the full press release, visit https://ccw.fm/e76uF
About BIT Mining Ltd.
BIT Mining is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, data-center operation and mining machine manufacturing. The company owns the world’s top blockchain browser — BTC.com — and the comprehensive mining pool business operated under BTC.com, providing multicurrency mining services including BTC, ETH and LTC. The company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, enabling the company’s self-sufficiency through vertical integration with its supply chain. For further information about the company, visit www.BTCM.group.
About CryptoCurrencyWire (“CCW”)
CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness.
To receive instant SMS alerts, text CRYPTO to 77948 (U.S. Mobile Phones Only)
CryptoCurrency News Wire is where News, content and information converge via Crypto.
For more information, please visit https://www.CryptoCurrencyWire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire (CCW) website applicable to all content provided by CCW, wherever published or re-published: http://CCW.fm/Disclaimer
CryptoCurrencyWire (CCW)
New York, New York
www.CryptoCurrencyWire.com
212.994.9818 Office
[email protected]
CryptoCurrencyWire is part of the InvestorBrandNetwork
More News
Will you get £13,000 a year when you stop working? Here's how to check
How to find out how much state pension you're likely to receive - and what you can do about it now.
Nvidia boss rejects AI extinction fears as 'doomsday narratives'
Jensen Huang's comments come after warnings from AI researchers that the technology could lead to human extinction.
US and China discuss AI safety plan ahead of Trump-Xi summit
Top US and Chinese officials held talks in New York on Sunday ahead of a Trump-Xi summit this week.
Baby bank helping more parents in full-time work
The couple who run the bank say they are in "desperate need" of baby formula as demand is so high.
UK should 'team up' with Canada in new Europe alliance, Canadian minister tells BBC
It comes after European Commission President proposed "opening the door" for Canada to become an associate member of the EU.
5 Takeaways From Ari Emanuel’s Memoir
“Roll the Calls,” the new book by the Hollywood mogul, is an entertaining and expletive-filled read that surprisingly pulls some punches.
What food items should you stock up on in case of an emergency?
Extreme weather may be changing the way we need to shop, with the UK government urging people to stock up on canned goods.
A Borrower’s Timeline of the Public Service Loan Forgiveness Quagmire
One county lawyer’s repayment saga stretches nearly 20 years, though she’s tried 22 times over the past 20 months to erase her debt.
Ed Davey calls for immediate 10p cut to fuel duty
Sir Ed blamed Donald Trump's war with Iran for damaging the UK economy and pushing fuel prices up.
Uber to Pay $40 Million to Parents of Woman Fatally Hit by Car
Emily Normandin-Parker, 23, was struck and killed on a California freeway after an Uber driver ordered her and a friend out of his car in August 2023.
BizDataDive: How fresh produce connects two agricultural powerhouses
China-US farm trade hit $14.1 billion in the first half of 2026 — that's around $78 million worth agricultural produce crossing the Pacific every day. From American soybeans in China's soy milk to Chinese garlic on US supermarket shelves, one table feeds two nations.
Lib Dems vow to end 'computer says no' economy to boost growth
Deputy leader Daisy Cooper also proposes a Growth and Defence Partnership with the EU in a speech to her party conference.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.